Elon Musk has taken another major step toward transforming X into an all-in-one digital platform with the official launch of X Money, a new financial services feature that allows users to bank, transfer money, pay bills, and make purchases without leaving the app.

According to Mashable, X Money is now available exclusively to X Premium and Premium+ subscribers, giving paying users access to a broad range of banking features directly within the platform. The new service combines peer-to-peer payments, money transfers, deposit accounts, and a physical Visa debit card into the social media experience.

X says users can handle many of the same financial tasks offered by traditional banks. Through the service, customers can send wire transfers, pay bills, mail checks, set up direct deposit for their paychecks, and transfer money to other X users. The company also says customers using direct deposit may receive their paychecks as much as two days ahead of schedule.

Among the centerpiece features is the X Card, a physical Visa debit card that provides three percent cash back on qualifying purchases and allows users to withdraw cash from ATMs worldwide without fees. The card is also compatible with Apple Pay and Google Pay, enabling contactless payments wherever those services are accepted.

The earnings on deposit accounts depend on a subscriber’s membership level. Premium+ members automatically receive a six percent Annual Percentage Yield on eligible deposits, while Premium subscribers can qualify for the same rate after meeting the company’s Direct Deposit eligibility requirements.

Customer deposits are maintained through Cross River Bank, X Money’s banking partner and an FDIC member institution. As a result, eligible deposits are federally insured for up to $250,000, providing the same level of protection available with conventional bank accounts.

Musk’s push into financial services is rooted in his earliest days as an entrepreneur. Long before purchasing Twitter, he launched an online payments company called X during the dot-com boom. That business later became part of what evolved into PayPal, where Musk built significant expertise in digital payments and financial technology.

The debut of X Money marks another milestone in Musk’s long-term effort to turn X into an “everything app”—a concept modeled after popular Asian super apps that combine social media, messaging, banking, shopping, and numerous other services within a single platform. Musk has repeatedly discussed this vision since acquiring the company, and it has also been highlighted by his biographers.

Musk had previously expressed confidence that financial services would arrive on X quickly, saying it would “blow his mind” if the platform failed to launch them before the end of 2024. After completing a limited testing phase earlier this year, X officially rolled out the service on Monday.

For now, X Money is being introduced to only a portion of U.S. users, with access restricted to Premium and Premium+ subscribers. The company has indicated that broader availability is expected in the future as the rollout expands.

The move represents a significant departure from the traditional separation of banking and social networking in the United States. While the concept is relatively new for the American market, similar all-in-one platforms have thrived overseas, particularly China’s WeChat, which combines messaging, social networking, payments, and a wide array of everyday services into a single digital ecosystem.

{Matzav.com}